Get all your news in one place.
100's of premium titles.
One app.
Start reading
Fortune
Fortune
Marion Halftermeyer, Myriam Balezou, Bloomberg

Credit Suisse failure follows years of scandal and mistrust—with an Ohio mattress company playing a role

Axel Lehmann, chairman of Credit Suisse Group

Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more. 

After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled US lender First Republic Bank. The government-brokered sale marks the Swiss bank’s final fall from grace, succumbing to a crisis of confidence that threatened to spread to global financial markets. 

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.